Exploring psychological well‐being in business and economics arena: A bibliometric analysis

Abstract Background Recent events like the global pandemic and geopolitics leading to war bring to bear the evergreen importance of psychological well‐being (PWB) among workers and how it can further influence business growth and performance. Furthermore, the complexity of today's job requirements has created enormous life pressures for individuals, negatively hurting their PWB. Method This article took the format of a literature review of existing research work by pursuing the keywords in the SCOPUS database to retrieve the articles published on PWB in the field of business and economics from 1978 to 2022. The data were analyzed to elaborate, interpret and graphically display the results, in particular, authors, sources, documents, and social structure of the existing bibliography. The Bibliometrix R package is used for robust analysis of retrieved data. Results The findings showed that the last decade saw a rise in scholarly work on PWB. However, in 2021, its sharp expansion stalled. It further revealed that academics from four countries had a significant role in accessing PWB in the business and economics fields, namely the United States, the United Kingdom, Australia, and Canada. The reports also indicate themes such as mental health, coronavirus disease 2019 (COVID‐19), and depression are emerging themes, whereas niche themes include unemployment, quality of life, and job loss. Conclusion This study suggests these new areas be studied in contemporary literature to provide cogent room to improve policy decisions on PWB within the business world.

pressures for individuals, negatively hurting their PWB. 6 This provides context to inquire, "Does PWB have a relationship with work performance?" And even if it does, what is the nature of such a relationship? Indeed, several studies have demonstrated that employee satisfaction has a range of personal and organizational advantages, including improved firm productivity, but what about their PWB?
What is less clear is how employee PWB influences work performance. 7 According to research, employee health and well-being are among the most important aspects influencing corporate success and performance. 8 The second major gap is that various researchers understand PWB differently depending on their topic or study. 9 Despite the increased academic interest in PWB, there are several awareness gaps in the extant literature. First, PWB's impact on business and economic development has not been widely debated.
The bibliometric review has been undertaken to foster an understanding of this situation best. Bibliometric analysis is a robust yet convenient method for examining the evolution of study domains, which is an integral part of assessing academic production. Importantly, additional study into the interaction between employees' PWB and work duties is required to progress job performance exploration. 10 Therefore, this article tries to bring into perspective the need to have a retrospection of the period of scientific work and its impacts. This will provide context to identify gaps in academia and area of specialization quickly. The approach of this study was to conduct a bibliometric evaluation of the research on PWB, especially its impact on businesses and economies; this study synthesizes this scientific knowledge.

| Background
The world, as everybody knows, is evolving rapidly. This has made daily activity very robust, and over the past decade, professional stress has become a significant worry worldwide. Despite rising knowledge of the effect of stress on corporate strategy, many businesses are still unable to tackle this problem effectively. 11 According to global data, mental health issues are a factor in many people quitting their jobs 12 and effect substantially influence how a company succeeds. Therefore, identifying mental health difficulties at work is a silver lining among all the chaos and pain. However, employers are beginning to recognize these issues in 2019 and the need to combat stigma and the increasing relationship between multiculturalism, equity, and integration. COVID-19, through a pandemic, highlighted the old problem often overlooked in academia. This study will evaluate the research to best offer a path forward for understanding the phenomenon and potential policy suggestions for future work.

| The contemporary importance of PWB in business
Scholars believe there is a positive relationship between the economy and PWB as a sound man is efficient and adds to output. 13,14 Also, when the economy is good, and the standard of living is relatively high. Then, everyone (workers) enjoys the benefits and is excited. In furtherance of this analogy, the economic shock caused by COVID-19 will significantly impact vulnerable groups' mental health, children, and workers who were highest with the phenomenon and well-being during the downturns. However, businesses have been slow to respond.
Regarding the economy, workplace mental health issues result in higher unemployment rates and lower productivity. 15,16 Most companies have yet to prioritize psychological state F I G U R E 1 Scopus publication from 1978 to 2022 on psychological well-being (PWB) in business and economics arenas and well-being because they are unaware of the economic advantages and lack information on the best ways to help their employees.

| COVID-19: Impacts on PWB and work
When it comes to coming to work, risking disease, and needing to pay bills, people in the service business must make complicated options. 17 This decision may be particularly challenging for those at high risk or who live with high-risk folks. In addition, these difficulties are amplified in particular populations. Worse of all, these serve as stressors that affect a sound mind. In the long run, it can reduce productivity. The COVID-19 epidemic has contributed to increasing professional ambiguity and lower ambivalence tolerance in career decisions, which refers to how a person perceives and reacts to gray areas. 18 Several studies imply that workplace environments have worsened due to the COVID-19 crisis and laborers are more prone to develop psychological issues such as stress, sadness, and anxiety. 19   field's landscape. Bibliometrics can also be used to evaluate the performance of researchers. 23 3 | RESULT

| Annual scientific production
In response to the rapid development in business and industrialization, this topic has been the subject of a slew of academic studies. The scope of this issue will be investigated through an examination of 1053 research papers. The search term in the Scopus index was "psychological well-being" OR "psychological wellbeing" in TITLE-ABS-KEY.
The inclusion criteria were the papers published in the subject area in the field of Economics, Econometrics, Finance, Business, Management and Accounting only, which are in the final stage of publication, and in the English language only. Those articles published in other than the English language and articles in the press were the exclusion criteria.
The annual growth rate was recorded as an exponential growth of 10.15%. Figure 1 displays the increase in research work on PWB in business and economics arenas over the course of the last few years.

| Source dynamics
As shown in Figure 2, the International Journal of Intercultural Relations has contributed considerably to the development of this topic. It is highly specialized in this type of subject for PWB in business and economics. This well-known open access publishes cutting-edge research and serves as the best journal for publishing and retrieving topics related to PWB. It is also a bi-monthly peer-reviewed scholarly magazine that focuses on intercultural interactions.

| Country scientific production
Another essential aspect of this article is comparing the scientific output of various countries. The study reveals that academics from four different  Figure 3 depicts the world's research development on a globe. These data also indicate that most of the developing countries have not done much work within this research area (Table 1).

| Country of the correspondent author
The corresponding nation of the corresponding author indicates whether the researchers have worked together in the same country or other countries on the same subject area. According to Figure 4, this topic has brought together researchers worldwide to collaborate on it. The data also show a fairly distributed collaboration. However, there is still scope, especially among emerging and dynamic economies. This will provide a holistic policy framework to address an all-important topic of PWB.

| Most cited countries
The Unites States has the most sway among countries that produce scientific research, according to a survey of the countries that have an impact on this subject. The United Kingdom, Canada, and Australia are the next most influential countries. The findings demonstrate that the leading countries account for more than 80% of the references ( Figure 5).

| Temporal analysis of the most frequent keywords
In Table 2, a list of some of the keywords that have been found to appear most frequently in research done on the topic of PWB dealing with business and economics. For example, the terms "Psychological Well-Being," "Well-Being," "Stress", and "Job Satisfaction" are all highly relevant keywords that have been identified across the sphere of the research works. In addition, Figure 6 provides an overview of the top words in terms of frequency of occurrence over a given time span. Following are some of the research hotspots identified which include the terms "Mental Health," "COVID-19," "Social Support," "Depression," "Unemployment," "Anxiety," and "Coping." All these are all associated with a higher prevalence of terms used in the content of various works. 3.7 | The conceptual framework and interrelationships network 3.8 | Analysis of correspondence and map of the conceptual structure

F I G U R E 5 Countries with the highest number of citations
The coword analysis aims to portray the conceptual structure of a framework by employing words that occur in close proximity to one another. The terms, keywords plus, and authors keywords taken from abstracts or titles can all be substituted for the words in the sentence.
Moreover, the map of the conceptual structure and factor of the papers with the most significant impact and the most cited documents are all produced by the conceptual structure function. lower cluster has the most terms indicating that the researchers' attention has been drawn to this study's topic under investigation.

| Thematic map
The formation of keyword clusters is accomplished by utilizing coword analysis, which are then regarded as themed. Figure 9 of the schematic diagram shows the density on the vertical axis. This is the degree to which a cluster's themes are linked to each other.

| Contributions of countries to the societal structure
There was a lot of international cooperation to do scientific research on this subject as depicted in Figure 10.

| Highly cited papers
As an indicator of paper influence, citations are used to assess article impact, but not exclusively. It is because the newer article has received few citations because few people have read it. The number of citations for an article does rise over time.

| Well-being is an essential dependent variable in business
This study provides a framework to make well-being a frontline variable in deciding the output of most businesses. Sánchez-García et al. 92 asserted that there is a rising tendency in the business world and that a sizable portion of people has plans to begin some kind of activity soon. However, it has maintained that PWB serves as an engine in the lives of the entrepreneur and its employees since it is essential for business owners to be in good states of mind and that the same is required of their staff if they are to sustain their enterprises over time. These advantages are beneficial for both the expansion of the company and the well-being of the workforce. But ultimately, everything revolves around the human desire to achieve the greatest possible level of well-being. Exploratory work can also be done in this tangent to quantify its contribution to the business and economic area. PWB is not just an essential dependent variable but also a key predictor of many desirable results. 93 People who are happy, for example, have more fulfilling jobs. 94

| Institutional influences on well-being
Until now, the majority of study has concentrated on positive feelings. Emotions are crucial in business because entrepreneurs and workers alike must make judgments in the face of uncertainty, under time constraints, and with few historical precedents to help them.
Therefore, studies on how negative PWB can influence all the above action is worth exploring to understand how best to manage it.   proposed that future studies be done in this area to understand how existing models and theories are applied to meet the need of this millennium in which several stressors have compounded.

| CONCLUSION
This research reveals that the studies on PWB have been growing in notoriety within the last four decades, with widespread recognition in the commercial world. The rise in stressors can affect the performance of workers and their delivery of production. The results are grounds for concern as an increase in PWB work was expected, but data depicted the opposite. The data also show a fairly distributed collaboration. However, there is still room to be done, especially among emerging and industrious economies. This will provide a holistic policy framework to address an all-important topic of PWB. It is likely to consider the prospect in decline in this research area because of the subcategory review and the keywords' lack of the term business. As the wide range of keywords and their low density demonstrate, the subject matter at hand is extremely diverse. Because of this, it needs to be addressed in greater detail.
This issue can be further investigated from three perspectives: PWB, stress, and work satisfaction in the industrial environment. had full access to all of the data in this study and takes complete responsibility for the integrity of the data and the accuracy of the data analysis.

CONFLICT OF INTEREST
The authors declare no conflict of interest.

DATA AVAILABILITY STATEMENT
The data sets used and/or analyzed during the current study are available from the corresponding author on reasonable request.

TRANSPARENCY STATEMENT
The lead author Elvis Kwame Ofori affirms that this manuscript is an honest, accurate, and transparent account of the study being reported; that no important aspects of the study have been omitted; and that any discrepancies from the study as planned (and, if relevant, registered) have been explained.